Let’s talk numbers! Here's the latest stats for NWA residential real estate market:

 

For the 5th straight month, median sale price has held steady or decreased slightly; meaning property values are stabilizing; however, Jan 2024 median sale price was still $9,000 more than January of last year. There were also very marginal changes in the ratio of original list price to sale price. Interestingly enough, we have remained above 98% of original list price to sale price for 59 consecutive months (Feb 2019).

 

The months of inventory (MOI) went up by 1 month, but this was not unexpected as many of the expired listings in December are renewed in January leading to a disproportionate increase in supply (vs. demand) relative to the other months of the year. In fact, the single month change is less than expected given NWA had 7 MOI in Jan 2023.

 

The median days to sell saw a fairly sizable increase. 74 days reflects a 9-day rise from Dec to Jan, and a 51% increase in the number of days as compare to 49 days in Jan 2023 (although Jan 2023 was the lowest for the entirety of 2023). For additional context, 74 days to sell is the highest since Jan 2020; just before the start of the unprecedented pandemic changes to the housing market. However, 74 days is right at the average for median days to sell for the 5 years preceding the pandemic (which was still a very solid market).

 

Looking a listing metrics, NWA had a 32.6 % increase in new listing in Jan from Dec (240 more). Active listings stayed in a reasonable single-digit increase, both in 12-month and 1-month changes. The more interesting of the listing statistics is the expired listings that was up 20% from Jan of last year but down 30.6% from last month. In perspective, the 30.6% drop is the smallest decrease from any consecutive Dec/Jan in the last 10+ years. Meaning this was one of the least drastic changes in expired listings than we have historically seen when the new year rolls over.

 

While $255M in total sales volume being down 27% from last month feel painful, this was the smallest drop for the same time frame of the last 3 years prior. But this number still represents over $20M more dollars in sales than Jan 2023. No surprise this strongly correlates to the number of total closed sales, which also saw the smallest drop in the last 3 years prior but still out preformed Jan 2023 by almost 50 more closed transactions.

 

All in all, Jan of 2024 out preformed Jan of 2023 in most metrics (evident in the statistics in yellow being up). The only two decreases in statistics were new listing with only 10 fewer new listings, and a lower MOI which is theoretically saying sellers “gained” leverage in the current market over last January.

 

Interesting start to 2024 to say the least. Let us know if you have any questions about the numbers or the real estate market in general.